Tiffany & Co. (TIF) shares were falling hard Wednesday in premarket trading, after the high-end jeweler met earnings' expectations but reported disappointments elsewhere.

The stock was falling 11.74% in midday trading to $92.63 a share. Earnings per share were 77 cents but it was the sales numbers that drove the stock down. Sales were $1.01 billion, missing expectations of $1.05 billion. Same-store-sales rose 2% year over year, way below the expected 5.4%. While the company maintained its full-year 2018 earnings and sales guidance, it cut its same-store sales growth outlook to the mid single digits.

Tiffany isn't the first company in the third quarter to beat on earnings and have its stock sell off, and it's not even the first consumer discretionary to go through that sequence of events. Retailers like Kohl's Corp.  (KSS) reported solid earnings, but the stock didn't do well on that report earlier this month. The SPDR S&P Retail ETF XRT was up 9% year to date in early November, but has come down and is now up only 1.53%.  

Goldman Sachs warned against investing in consumer discretionaries earlier this month too, as the bank expects the economy to slow significantly in 2019. 

Tiffany shares are down 10.87% this year. 

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